The way to bring down home prices
In an interview to this newspaper, Deepak Parekh, chairman of HDFC, said curbing graft and scrapping archaic rules will cool down home prices. He is correct. India's realty sector is a sink of black money, riddled with rules that limit the supply of urban land, creating an artificial scarcity that pushes up prices. But in a business where the builder depends on the government for the basic raw material — land — corruption is inevitable.
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